Environmentalists and park lovers declared victory Monday in a closely watched battle over a ballot measure aimed at providing a cash infusion for Silicon Valley open-space projects in the region's race against sprawl.

Measure AA -- a $300 million bond measure that will help the Midpeninsula Regional Open Space District build more trails, preserve redwoods and buy more pristine land -- needed a two-thirds majority. And it now appears inevitable that it will squeak through, backers said. It is the second-largest local parks funding measure ever passed in California, behind only a $500 million bond passed in 2008 by voters in Alameda and Contra Costa counties for the East Bay Regional Park District.

"It is terrific to live in a place that puts such a high value on protecting our scarce natural areas for future generations," said Walter Moore, president of the Peninsula Open Space Trust, the nonprofit Palo Alto group that helped fund the $1 million Yes on AA campaign.

Since the election last Tuesday, Measure AA has been a nail-biter, one of the closest races in the Bay Area. On election night, it had only 66.8 percent support -- a few dozen votes over the total needed for passage.

In the days afterward, however, as mail-in ballots received on election day were counted, the total gradually increased. By Monday night, the yes vote stood at 67.8 percent, according to the Santa Clara and San Mateo county registrars' offices. Counties have until July 1 to certify the vote.

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Opponents Monday acknowledged the math was not in their favor.

"I'm not quite ready to concede yet that the fat lady has sung, but it isn't looking good," said Mark Hinkle, president of the Silicon Valley Taxpayers Association.

Hinkle said his group opposes not only more taxes, but taking land out of development.

"You can pretty much kiss affordable housing goodbye because of districts like this," he said. "If you can't build on open space, that drives up the price of housing."

If the measure passes, residents who live within the open space district's boundaries -- including much of San Mateo and Santa Clara counties (but not San Jose) and a sliver of Santa Cruz County near Summit Road -- will see taxes rise $3.18 per $100,000 of assessed value on their property. Property owners currently pay $17 per $100,000 of value to fund the district.

The money will be used to acquire between 13,000 and 28,000 more acres, in addition to 62,000 acres already preserved, district officials say. It also would pay to open district properties to the public that currently are closed for lack of funds, including the Bear Creek Redwoods near Los Gatos on the site of the former Alma College; Miramontes Ridge, between Half Moon Bay and Skyline Drive; and the summit of Mount Umunhum, a former Air Force radar station south of San Jose.

"We're hitting the ground running, and we look forward to the day in the near future when we come together again to celebrate the completion of the first Measure AA-funded project," said Steve Abbors, the district's general manager.

The measure was being watched by environmentalists and parks aficionados statewide. It offered a dose of good cheer following the loss in 2010 of Proposition 21, a statewide measure that would have boosted state parks funding through an $18 annual vehicle registration fee.

"Because of the recession and the severe budget challenges the state has had, this is our best news in four years," said Darla Guenzler, executive director of the California Council of Land Trusts in Sacramento.

The Yes on AA campaign, which was funded by environmental groups and several large technology industry donors, estimated late Monday that there were about 5,700 ballots that remained to be counted. With 104,383 ballots tallied, the measure was ahead of the two-thirds majority by 1,179 votes. The remaining ballots would have to be more than 60 percent "no" for the measure to fail -- a highly unlikely scenario.

"They felt confident to call it," said Alex Doniach, a spokeswoman for the Yes on AA campaign.

The apparent victory may trigger similar measures. Later this month, the Santa Clara County Open Space Authority is expected to decide whether to place a $24 per parcel tax measure on the November ballot. The measure, which would raise about $8 million a year, would also require a two-thirds vote.